Restore plc, the UK office services provider, reports that trading for the year ended 31 December 2018 was broadly in line with expectations and that the Group will deliver its ninth successive year of double-digit earnings growth.
Earnings growth continued to be driven primarily by Restore Records Management, which comprises the majority of the Group’s profit. TNT Business Solutions, acquired in May 2018, performed in line with expectations and is providing Restore Records Management and other parts of the Group with many additional growth opportunities, particularly in the public sector. Restore Datashred, our shredding business which is one of the two main operators in the UK market, experienced lower volumes than budgeted over the course of the year. Restore Digital, which now includes the majority of the former TNT Business Solutions scanning business, performed satisfactorily.
Restore Harrow Green, our market-leading office relocation business, continued to achieve year-on-year growth in revenue and profit. Restore Technology, which provides an expanding range of IT lifecycle services including asset disposal, asset management and relocation, continued to increase its presence in what remains a fragmented and immature market.
The Group’s Full Year results will be released on 18 March 2019.
Charles Skinner, Chief Executive of Restore, commented: “I am pleased that the final set of results under my leadership will show further strong year-on-year growth in revenue, profits and earnings per share. Restore is a well-invested business which has leading positions in attractive and coherent markets. It has an excellent platform for further profitable growth with good visibility of earnings.”